The concession contract of the company Oil and Gas Exploration and Production AD for the Dolni Lukovit deposit, located on the territory of the municipality of Iskar, was extended by 15 years.
The extension of the concession came after the company, part of Chimimport's portfolio, requested an amendment to the 18-year concession agreement, which was concluded in 2003. The reasons for requesting an extension of the concession are related to remaining reserves of crude oil and natural gas in the deposit that would remain unused. The concessionaire's request was respected, extending the concession by 15 years.
Oil and Gas Exploration and Production AD is a concessionaire under twelve concession contracts for crude oil and / or natural gas production and holder of three permits for oil and gas exploration and prospecting. It is also the only Bulgarian company carrying out the full complex of exploration, development and exploitation of oil and gas deposits, as well as the refining of crude oil into end products for the market. It has been part of the portfolio of the public holding Chimimport since 2004. Oil and Gas Exploration and Production AD is the legal successor of the main geological research, research and production enterprises and sites of the Bulgarian oil industry with over 50 years of history.
Today, Oil and Gas Exploration and Production AD is a public company, and its shares are traded on the Bulgarian Stock Exchange AD. It exploits all oil fields operating in the country and provides over 700 jobs for engineers, geologists, geophysicists, economists, specialists and production personnel in the oil industry.